Vaca Muerta - Shale24

Equity analysts see Pan American Energy well positioned to capture growth in Vaca Muerta in a more demanding financial environment.

Investments

PAE kicks off 2026 with $375 million bond at 7.75% to fund Vaca Muerta and LNG

With a focus on shale development and the LNG project, the proceeds will be used to support the company’s aggressive investment plan in Argentina and to refinance existing liabilities. The bond, with an implied 11-year maturity and principal repayments in three annual installments starting in year nine, saw solid demand that allowed it to be priced in the middle of the initial book range of $300 million to $500 million.

EU-Mercosur: What would be traded each year in billions of euros — Oil is Mercosur’s top export to Europe, with metal mining products also in the top

Competitive advantages

EU-Mercosur deal: Key impacts on Vaca Muerta, LNG and mining

By combining the European Union’s engineering expertise and innovation capacity with Mercosur’s unique geological endowment, the treaty will make many energy projects more economically attractive.

Sergio Mengoni, managing director and country chair of TotalEnergies in Argentina, with Horacio Marín, chairman and CEO of YPF.

Technical training

The Vaca Muerta Institute adds TotalEnergies as a new partner

Looking toward 2030, projected growth at Vaca Muerta could generate up to 50,000 new jobs, and the Vaca Muerta Institute is positioned as an industry-driven training option to develop upstream specializations in controlled environments.

The Neuquén Basin closed 2025 with a historic record of more than 23,000 fracturing stages, a 34% jump in productivity compared with 2024.

New record in the Neuquén Basin

Vaca Muerta closed 2025 with more than 23,000 fracturing stages, a 34% productivity jump

With 1,791 stages, December reflected a slight slowdown, coming in below the annual monthly average of 1,982 stages and well off the record set in May at 2,588. YPF continued to dominate activity with 778 stages, accounting for 43% of the monthly total.

Crude oil production, barrels per day: In 2025, Argentina surpassed Colombia in crude oil output.

Regional powerhouse

Argentina has already surpassed Colombia in crude output and will challenge South America’s top three in 2026

The rapid growth of shale oil output from Vaca Muerta has pushed Argentina’s crude production to record levels, positioning the country as the region’s fourth-largest producer, behind Brazil, Venezuela and Guyana.

Continental begins to participate in the operation of the Coirón Amargo Sureste, Bandurria Centro, Aguada Cánepa and Loma Guadalosa areas.

Deeper shale synergies

Vaca Muerta: PAE and Continental Resources partner to accelerate area development

The agreement involves Continental’s acquisition of a 20% stake in PAE’s interests in the Coirón Amargo Sureste, Bandurria Centro and Aguada Cánepa areas, located in the province of Neuquén, and in Loma Guadalosa, in Río Negro province.

Oldelval continues to expand its transport capacities.

Raises its global program to $750 million

Oldelval expands funding capacity and prepares debt issuance to finance Vaca Muerta expansion

The key operator of Argentina’s main crude oil transport system has taken a strategic step to strengthen its financing amid high demand for evacuation capacity in Vaca Muerta.

The Los Toldos II Oeste block is located in the northern part of the Neuquén Basin, near the town of Rincón de los Sauces.

The arrival of the “king of fracking”

Continental Resources gains Neuquén approval to enter Vaca Muerta following Pluspetrol acquisition

The company had agreed to purchase 90% of the Los Toldos II Oeste block from Pluspetrol. The remaining 10% will remain under the control of Gas y Petróleo del Neuquén, the provincial company participating as a partner.

By the end of November 2025, Argentina was producing 857,700 barrels per day, with 579,800 coming exclusively from unconventional sources.

Ramped-up operations

Vaca Muerta 2025: model triples production in just four years

The Neuquén Basin now accounts for nearly 70% of the country’s oil and gas production, solidifying its role as Argentina’s main hydrocarbon engine for the next five years.

“Star” blocks of 2025: Map of the most active and notable hydrocarbon blocks in Vaca Muerta this year.

Qualitative leap

Fracturing record in 2025: the “star” blocks of Vaca Muerta

The Neuquén basin is on track to consolidate an unprecedented year-on-year growth trajectory in the region. La Amarga Chica (YPF) and Bajada del Palo Oeste (Vista) are now the assets with the most solid learning curves and the greatest resilience to drops in international prices.

Marcelo Mindlin, the CEO and founder of Pampa Energía, reflecting on how the company was built

Past, Present and Future

Marcelo Mindlin, a podcast and his beginnings with Pampa Energía, 20 years after its founding

In the first episode of a special Pampa Energía podcast series marking the company’s 20th anniversary, Marcelo Mindlin looks back on his personal story, the origins of the project and the decisions that shaped one of Argentina’s leading energy companies.

The World Economic Forum’s organizers confirmed Milei’s participation.

International roadmap

Javier Milei confirmed for Davos 2026: with a focus on reforms, Vaca Muerta, and LNG exports

In his previous address, Milei emphasized economic freedom and tax reforms as tools to fight poverty, casting the state as a problematic actor. This time, the Argentine president will focus on deregulation of the energy sector and Argentina’s role as an LNG supplier from the Vaca Muerta shale.

SACDE is recruiting pipefitters, drivers, heavy-equipment operators and welders.

Vaca Muerta Oil Sur Pipeline

VMOS completes surface installation as Techint-SACDE seek specialized workers for complementary pipelines

SACDE has stepped up its search for specialized workers, particularly for complementary pipelines. The company is seeking pipefitters, drivers and heavy-equipment operators, including hydrocranes, motor graders, front loaders and backhoes, as well as welders.

According to Wood Mackenzie, natural gas — and LNG in particular — is consolidating its role as a pillar of global energy security

Energy Transition Outlook 2025–26

Wood Mackenzie: Gas regains central role in global energy system in 2026, lifting Vaca Muerta’s strategic value

The latest Energy Transition Outlook from Wood Mackenzie warns that the energy transition will be slower than expected. In that scenario, natural gas — and LNG in particular — is consolidating its role as a pillar of global energy security.

Projections warn of a potential “super glut” in 2026.

Analysis by a Trafigura expert

Explaining the ‘super glut’ and its potential impact on Vaca Muerta in 2026

Saad Rahim, chief economist at Trafigura, one of the world’s leading commodity traders, is forecasting a 2026 marked by a crude oil oversupply, or “super glut,” which would have a direct impact on barrel prices. How local operators will adapt to this new global environment is one of the key questions heading into the year ahead.

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